About Life in Canada

Buying Your First Home in Canada

When you first arrived in Canada, you might have stayed with family or friends or found an apartment or house to rent. But now that you’re settling in to your new life, you may be thinking of purchasing your own home.

Types of Homes for Purchase

There are lots of options when it comes to homes for sale, including:

• Detached — Detached homes are single structures situated on their own lot. They come in a variety of styles including bungalows (one-storey), two-storey, three-storey and even four-storey versions.
• Semi-detached — These homes, sometimes called “semis,” are attached to another, similar home on one side with a common wall that divides them.
• Townhouse — Sometimes called a “row house,” these homes are connected on both sides to similar homes.
• Condominium — Condominiums may be townhouses or units within a low-rise or high-rise building. With a condominium, you own only the unit itself, and not the surrounding grounds or common areas of the building. You pay a monthly fee, along with all the other condo owners, for the maintenance of the common areas as well as special features, like a swimming pool or fitness facilities.

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How Much Will it Cost to Buy a Home?

Housing prices vary greatly across Canada. Many factors determine a home’s market value, including:

• Location — Prices vary depending on which province you choose to live in, and whether you live in the city or a rural area. For example, a home in Calgary, Alberta, will be more expensive than a comparable home in rural Prince Edward Island.
• Amenities — Generally, homes in established neighbourhoods that are near schools, parks, places of worship and public transportation will cost more.
• Size — The size of a home and the land it sits on play a role. House sizes are usually given in square feet, and lot sizes by frontage (the linear distance along the front of the property) and depth in metres or feet.
• Condition — Homes that need repairs or upgrades (such as new plumbing, flooring or a roof) are likely to cost less than new homes or those that have been upgraded.

Knowing how much home you can afford is important. It will help you fine-tune your search and ensure you can comfortably meet your mortgage payments.

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Finding a Home to Buy

Homes are sold either privately or through a real estate agent. Working with a good real estate agent definitely has benefits, especially for first-time buyers. An agent can help you determine which neighbourhood and type of home will best suit your needs and help you with the paperwork involved.

To find out more about buying a home in Canada, finding a neighbourhood, comparing communities, settling in and more, visit the RBC Finding Your Home website.

To find out more about how and why to use a real estate agent, visit www.realtors.ca or www.howrealtorshelp.ca.

Find out more about mortgages, how they work and how to find one that’s right for you.

	Canada Mortgage and Housing Corporation (CMHC) — download The Newcomer’s Guide to Canadian Housing.
	Citizenship and Immigration Canada — basic information about finding a place to live.
	mls.ca — provides a searchable database of homes for sale by realtors across Canada.

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